The recent decision by the FIFA executive committee to hand the 2022 World Cup to Qatar has had a positive impact of the country's property market.
Although it is too early to judge the overall effect on real estate demand in the region, the latest data from Asteco Property Management suggest that enquiries and sales have both increased since the decision was made.
"Investors in the property market are likely to observe caution by seeking long-term investment rather than short-term speculation. However although it is too early to gauge the real impact on demand and prices, the market has received a boost in confidence as a result of Qatar's successful bid," said Jed Wolfe, regional director at Asteco Property Management's office in Doha.
In terms of residential sales, the sector did experience a decline of between three and six per cent during the forth quarter of 2010. However, since the announcement by FIFA there has been a notable increase in enquiries from private individuals and property investment companies seeking to purchase apartments, the firm added.
- Wednesday 19 January 2011